Emerging Markets
InnerScope Hearing Technologies (OTC: INND) Run Brewing as Hearing Aid Pioneer Reports Record Q2 Revenues, Hearing Assist Rolled Out Nationwide & OTC Hearing Aid Law Passes
Published
1 year agoon
By
Boe Rimes
Innerscope Hearing Technologies Inc (OTCMKTS: INND) is breaking out northbound hitting highs of $0.0298 last week before forming a new base over $0.02 where it looks ready to embark on the next leg up. INND is among the most exciting opportunities in small caps; this is a real Company experiencing rapid growth that is set to become a leader in a new multi-billion-dollar market. Currently INND Hearing Assist centers are being rolled out at Walmart nationwide. InnerScope’s full line of Hearing Products is currently available through Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains. Recently INND reported record Q2 revenues of $6,910,386 compared to $404,676 for first-quarter ended March 31, 2022. As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021.
But the real story on INND is the recent FDA OTC Hearing Aid Law which was recently passed and will be enacted in the middle of October. This landmark ruling allows consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Over the past few years InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. Traditionally consumers have had to get hearing aids in a brick-and-mortar clinical environment with an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing and only 14% use hearing aids primarily due to the high cost. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market. The OTC Hearing Aid Law opens up a new emerging market for hearing aids sales, potentially in the tens of billions of dollars.
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InnerScope Hearing Technologies (OTC: INND) operating from professional drive in Roseville, California, is a leading Direct-to-Consumer (DTC) manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products, and Personal Sound Amplifier Products (PSAPs) (“Hearing Products”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s Hearing Products and its business model break through the persistent barriers that prevent access to effective hearing solutions.
InnerScope’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives the Company access to over 40 patents and an FDA-registered manufacturing and R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of over 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, will allow InnerScope to better position itself in the direct-to-consumer hearing solutions market by selling advanced hearing products through Walmart and other major retailers.
InnerScope’s full line of Hearing Products is currently available through these multiple retail/wholesale channels: Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains.
InnerScope launched its hearIQ App in 172 countries in the Apple App Store for iOS devices and Google Play Store for Android devices. The hearIQ App is a multi-functional app, which offers to the general public a FREE Self-Administered Hearing Test to determine hearing loss (if any) and also provides a Bluetooth wireless connection (“App Controlled”) for InnerScope’s Direct-to-Consumer Self-Fitting-Self-Adjusting Hearing Aids. The hearIQ App is specifically designed to help with early detection of hearing loss for the 48+ million Americans as well as the 1.5 billion people worldwide who may have an undetected hearing loss or may be living with some degree of hearing loss, according to the World Health Organization (“WHO”). More importantly, if hearing loss is detected, the hearIQ App directly links to InnerScope’s Direct-to-Consumer Hearing Products. Since the hearIQ App became activated only nine days ago, it has already received over 440 reviews and has a FIVE-STAR RATING from Apple and Android users.
Earlier this month in a landmark decision for the Company the FDA released the “Final Rule” for creating a new category of Over-the-Counter hearing aids for perceived mild to moderate hearing losses to be sold directly to consumers in retail stores, pharmacies and online without a medical exam or being fitted by a hearing healthcare professional. On or about October 16, 2022, sixty days after the Final Rule is published in the Federal Register the OTC Hearing Aid Law will be enacted, allowing consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains.
Since Congress in 2017 passed a bipartisan proposal, signed into law by President Donald Trump, to allow hearing aids to be sold over the counter, InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. InnerScope plans to register its hearing aid products, which include its HearingAssist and iHear branded hearing aid products, as OTC Hearing Aids in compliance with the FDA’s Final Rule and will be offered to its current and future Network of Wholesale Retailers to be sold in-store right off the shelf and online through each retailers’ website.
$INND @HearingAssistUS Products located @Walmart Vision Centers Nationwide
Check out WmVc330's video! #TikTok https://t.co/ld970DEpK3
— InnerScope Hearing Technologies (OTC: $INND) (@inndstock) August 26, 2022
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$INND and….. another! https://t.co/mHcdV5Zk4d
— Prog Fan (@NektarHeep) August 26, 2022
98% of all hearing aids are sold and fitted in a traditional brick-and-mortar clinical environment by a hearing healthcare professional at an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing; despite the high prevalence and public health impact of hearing loss, only about 14% of people who could benefit from hearing aids use them. The low market penetration is mainly due to the high cost of the Traditional Hearing Aid Delivery Model and certain state and federal regulatory barriers. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. The OTC Hearing Aids are expected to cost between $500 to $1,500 for a pair of hearing aids.
InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope believes that since most people have not had their hearing tested since grade school, tens of millions more Americans have undetected mild to moderate hearing loss. As a result, InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market. The OTC Hearing Aid Law opens up a new emerging market for hearing aids sales, potentially in the tens of billions of dollars. InnerScope, with its Network of Wholesale Retailers, is ready when the OTC Hearing Aid Law is enacted to deliver its affordable OTC hearing aids to tens of millions of Americans.
INND is led by CEO Matthew Moore who literally grew up in the hearing health industry, with having internships and mentorships beginning with his grandfather who has personally helped over 20,000 hearing- impaired patients in his private hearing aid practice since the 1940s. At the age of 10, Matthew was working in the Marketing Department of his parents private hearing aid practice. By the age of 22, Matthew became a full partner in his parents hearing aid business, which then grew to one of the largest private hearing aid practices in the United States with over 70 locations and over 40,000 customers in a 10-year period. Several years ago, the family sold off the remaining locations for $14 million. As CEO of InnerScope, Mr. Moore has been making one big move after another recently forming distribution partnerships with Walmart, Sears, and other Big Box Retailers/Pharmacies as well as independent retailers and pharmacies for InnerScope’s Products and Services.
INND operates in the booming hearing aids space; According to a report from Fortune Business Insights the global hearing aids market is set to gain impetus from the increasing adoption of telehealth among audiologists to prevent patient traffic. The report further states that the market size was USD 8.99 billion in 2019 and is projected to reach USD 13.38 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period.
Recently INND reported record Q2 revenues of $6,910,386 compared to $404,676 for first-quarter ended March 31, 2022. As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021.
In addition, based on purchase orders over $4,000,000 that have already been filled and delivered, which will be recognized as revenue for the third quarter of 2022, InnerScope projects continued record-setting revenues for the remaining six months of 2022 and beyond from the anticipated monthly replenishment purchase orders as well as new purchase orders from numerous retailers.
$INND Update:$INND working with counsel to cancel min 216M & up to 721M shares from investor: Crown Bridge$INND Eliminates $3.4M Debt & settling on final default note: 255M shares$INND ZERO Convertible Debt besides acquisition$INND reviewing reduction of Authorized Shares pic.twitter.com/a9SaWnRFU8
— InnerScope Hearing Technologies (OTC: $INND) (@inndstock) August 22, 2022
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Currently trading at a $160 million market valuation INND OS is 7,662,715,566 shares with 5,329,706,040 shares in the float. Management is working hard behind the scenes, looking to uplist the Company to a higher exchange, currently working with counsel to cancel minimum 216 million shares and up to 721 million shares from Crown Bridge, they are also looking to lower the authorized and recently eliminated $3.4 million in debt leaving zero convertible debt besides from the acquisition. As we have been saying INND is among the most exciting stocks in small caps that has enormous upside potential. Currently INND Hearing Assist centers are being rolled out at Walmart nationwide. InnerScope’s full line of Hearing Products is currently available through Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides InnerScope products to FSAStore.com, HSAStore.com, & WellDeservedHealth.com. In-store and online Hearing Products are launching soon with more major retailers and pharmacy chains. Recently INND reported record Q2 revenues of $6,910,386. The recently passed FDA OTC Hearing Aid Law will be enacted in the middle of October. This landmark ruling allows consumers to purchase OTC Hearing Aids right off the shelf directly from multiple retailers, including Big Box retailers and pharmacy chains. Over the past few years InnerScope has been diligently working to put into place a network of multiple large retailers, including Walmart, Best Buy, Rite Aid with wholesale vendor agreements to sell its assortment of hearing aid products and related hearing aid supplies ahead of the OTC Hearing Aid Law being enacted. Traditionally consumers have had to get hearing aids in a brick-and-mortar clinical environment with an average cost of $5,000 a pair. However, approximately 48 million Americans report having trouble hearing and only 14% use hearing aids primarily due to the high cost. The OTC Hearing Aid Law lowers those barriers to allow greater access to affordable hearing aids. InnerScope’s OTC Hearing Aid Products are expected to be priced between $499 to $1,500 a pair. InnerScope, with its Network of Wholesale Retailers, its unique selling proposition with its in-store 3 to 5-minute Free Self-administered Automated Point of Sale Hearing Screening Kiosk and online hearing screening software for the retailers’ customers, believes it is well-positioned and poised to take be the leader in the new emerging OTC hearing aid market which could potentially be worth tens of billions of dollars. INND is currently under heavy accumulation and readying for a breakout off its new $0.02 base. The stock jumped to over $0.09 last year however investors currently buying are looking for something much bigger. We will be updating on INND when more details emerge so make sure you are subscribed to Microcapdaily.
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Emerging Markets
Lucy Scientific Discovery’s (NASDAQ: LSDI) Game-Changing Move: A Closer Look at the High Times Acquisition
Published
3 weeks agoon
September 8, 2023
On August 8th, 2023, Lucy Scientific Discovery Inc. (NASDAQ: LSDI), a leading developer in the psychedelic drug industry, witnessed an impressive surge in its stock value, gaining approximately 25% in combined trading, including after-hours (AH) trading. The British Columbia-based company made headlines by announcing its strategic move to acquire intellectual property (IP) from the renowned cannabis publication, High Times Holding Corp. (HHC).
Additional Background:
Under this agreement, Lucy will exchange 20% of its shares and a series of payments for access to HHC’s valuable IP portfolio, which includes the rights to generate licensing and royalty income from renowned brands like High Times, 420.com, and Cannabis Cup, along with their associated domain names.
The partnership between #HighTimes and #LucyScientificDiscovery just makes sense. It's a harmonious alignment that should lead to success. This could be the start of something special as they journey towards ambitious goals.$LSDI $TSLA $SPY pic.twitter.com/qgXYkKQVoe
— Luca Grayson (@GraysonLucasa) September 7, 2023
Lucy’s commitment involves making semi-annual payments to HHC over a five-year period, structured around earnings before income, taxes, depreciation, and amortization (EBITDA) generated through the acquired IP. The flexibility exists for Lucy to fulfill these payments either in cash or through stock issuance and the announcement is generating considerable interest.
Furthermore, post-acquisition, Lucy will grant High Times the opportunity to operate retail outlets and distribute THC products bearing these prestigious brands within the United States. This privilege comes in exchange for an annual license fee of $1 million, set to double to $2 million annually once federal legalization of cannabis occurs in the country.
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Leveraging the brand rights secured from HHC, Lucy aims to bolster its revenue streams by expanding and enhancing its existing 18 licensing agreements, both domestically and internationally. These arrangements encompass a wide array of consumer products and merchandise, promising to further establish Lucy’s presence in the global market. The acquisition is expected to be finalized within the coming two weeks, marking a significant strategic move for Lucy Scientific Discovery Inc.
As a result of the acquisition, High Times is now a publicly-traded entity. Lucy anticipates that this agreement will contribute over $10 million in revenue to its financial results in the upcoming year, along with $5 million in EBITDA.
By purchasing #HighTimes assets, Lucy Scientific Discovery has struck gold. It has acquired a wealth of intellectual property, trademarks, and royalty prospects that will bring #LSDI $LSDI #lucyscientificdiscovery millions of dollars. pic.twitter.com/CEkqQnuFHm
— Rowan Dune (@rowandune) September 7, 2023
Adam Levin, the Executive Chairman of HHC, expressed optimism about the deal, noting, “This transaction will create exciting new growth opportunities for the High Times brand, under the leadership of Richard Nanula, a seasoned executive with extensive experience in major consumer brands and global corporations.”
Levin also emphasized High Times’ enthusiasm in becoming a significant shareholder of Lucy Scientific Discovery. Notably, Lucy completed its initial public offering and Nasdaq listing in February, offering 1,875,000 shares at $4.00 each.
Richard Nanula, CEO of the British Columbia-based company, shared his outlook on the acquisition, stating, “Lucy expects this acquisition to rapidly generate high-margin revenue within the global cannabis sector.”
In recent developments, Lucy introduced the sleep aid product “Twilight,” which includes amanita muscaria and reishi mushrooms. Additionally, the company joined forces with Wesana Health Holdings Inc. (OTCQB: WSNAF) in March to collaborate on the development of the CBD and psilocybin-based drug SANA-013, targeting conditions such as migraines, cluster headaches, and major depressive disorder.
$LSDI's Health Canada license allows approved psilocybin sales, backed by the Canadian government's significant funding $LSDI is on fire. #LucyScientificDiscovery $LSDI
— William James (@jaym_willy) September 8, 2023
High Times, founded in 1974, has a rich history, featuring works by renowned writers like Truman Capote and Hunter S. Thompson. Since 1988, its Cannabis Cup has stood as the most prestigious cannabis competition globally, with notable judges including Snoop Dogg, Joe Rogan, Tommy Chong, and other prominent figures in the cannabis industry.
While Lucy’s shares showed a nearly 16% increase to reach $0.68 on the Nasdaq exchange on Friday, it is worth noting that they have experienced a decline of over 77% over the past year.
Macro Trend:
In recent times, our articles have prominently featured cannabis-related topics, reflecting the growing popularity of stocks in this sector. LSDI’s acquisition aligns perfectly with the current climate, as the cannabis industry experiences a significant surge, coinciding with the Health and Human Services (HHS) exploring the possibility of reclassifying cannabis from Schedule I to Schedule III of the Controlled Substances Act.
Don't overreact to temporary $LSDI EPS decline. Psychedelics mega-trend makes risk/reward compelling.#Shrooms#LucyScientificDiscovery
— gianna snell (@skatette) September 8, 2023
While many countries around the world have already moved towards decriminalization and legalization, the United States has been relatively cautious in its approach. However, the consideration of such a reclassification represents a potential historic turning point. If such a change were to materialize, it would mark a substantial shift in the regulatory landscape, potentially revitalizing cannabis as an attractive investment opportunity. The industry is already showing signs of reestablishing its market presence and could once again become a noteworthy investment option.
I know this Mindful line is set to disrupt the market. Expecting a surge in stock price in the months ahead. #Lucyscientificdiscovery $LSDI pic.twitter.com/2ccR1CttA3
— Tom (@Tomi_l33) September 7, 2023
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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.
Picture by herbalhemp from Pixabay
Emerging Markets
WM Technology’s (NASDAQ: MAPS) Stock Surges 91% in Mysterious Rally: What’s Behind the Boom?
Published
4 weeks agoon
September 5, 2023
WM Technology’s (NASDAQ: MAPS) stock has exhibited remarkable growth, surging by an impressive 91% since August 16th, 2023. Intriguingly, this surge occurred in the absence of any substantial news or filings from the company, with their most recent release dating back to August 23rd, 2023. This limited information raises the question: What is driving this impressive rally? We will delve into the details below to shed light on the matter.
Cannabis Industry:
If you’ve been following our newsletter, you may have noticed our recent article spotlighting Flora Growth Corp. (NASDAQ: FLGC), along with larger players like Cronos Group Inc. (NASDAQ: CRON), and Canopy Growth Corporation (NASDAQ: CGC).
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In case you haven’t had a chance to read it, you can find the article here, featuring a dedicated section on the broader trends shaping the cannabis industry.
For those seeking a quick summary, a significant development has emerged in the cannabis landscape. A high-ranking official at the Department of Health and Human Services (HHS) has proposed moving cannabis from Schedule I to Schedule III of the Controlled Substances Act. This shift marks a historic moment and comes after a comprehensive yearlong investigation requested by President Biden.
The Whole Weed space is up $TLRY $CGC $MJ $YOLO $CURLF $CRLBF $MJ $MAPS pic.twitter.com/hBS04Ko52p
— ACE (@ACE52weekhigh) August 30, 2023
It’s worth noting the potential implications of this change for U.S.-based, plant-touching marijuana companies. Currently, these companies are restricted from trading on major exchanges like the NYSE or NASDAQ and are relegated to smaller markets such as the OTC, or smaller Canadian markets like the TSX, CSE, or NEO.
The CEO of Trulieve Cannabis Corp. (OTC: TCNNF), Kim Rivers delves into these implications in a podcast conversation with a Twitter user known as @stock_mj. She also recommends keeping a close eye on the AdvisorShares Pure US Cannabis ETF (MSOS) as the cannabis sector garners increasing attention from investors.
According to Kim Rivers on Spaces, the NASDAQ is currently going through regulatory policy to check if a Schedule 3 move would allow for uplisting.
She said to stay tuned. $MSOS
— Do the Right Thing (@abarnes2201) September 1, 2023
Weedmap’s Earnings:
To evaluate the potential of MAPS, it’s essential to examine their recent earnings and assess the fundamentals. Here’s a brief overview of the news release.
Revenue: Amounted to $50.9 million, representing a decline compared to the same period in the prior year when it reached $58.3 million.
Net Income: Recorded at $2.0 million for the second quarter of 2023, marking a significant decrease from the previous year’s figure of $19.8 million.
Adjusted EBITDA: Showed substantial improvement, totaling $10.2 million in the second quarter of 2023, as opposed to a negative figure of $(0.6) million in the same period of the prior year.
Cash: As of June 30, 2023, the company held $24.6 million in cash, noteworthy for being entirely debt-free.
WM Technology’s Executive Chair, Doug Francis, underscored the company’s dedication to reinforcing its financial position and delivering sustained growth.
Guidance for the third quarter of 2023:
Revenue: An estimated $47 million.
Non-GAAP Adjusted EBITDA: Approximately $4 million.
It’s important to note that these projections are subject to potential variations based on various factors and developments.
Furthermore, WM Technology announced the transition to Moss Adams LLP as its new independent registered public accounting firm, effective upon the filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, following the resignation of Baker Tilly US, LLP due to staffing constraints.
Although the company maintains a debt-free status, it’s crucial to recognize that there has been a substantial decline in both revenue and net income. Consequently, it is advisable to exercise caution when considering investment, as the current trajectory of their top-line figures does not exhibit a positive trend.
https://twitter.com/5teelersfan/status/1699102436672299134?s=20
Weedmap’s Strategic Partnership:
Furthermore, the company made another recent announcement regarding its strategic partnership with the producer of “The Freak Brothers,” a celebrated stoner comic series that has captivated audiences for over five decades.
The series follows the adventures of three stoner characters and their cat, who awaken from a 50-year slumber induced by a magical strain of weed in 1969, now navigating life in contemporary San Francisco.
Key highlights of this partnership include in-episode Weedmaps integrations in the upcoming second half of “Freak Brothers” season two, commencing on September 24th. Additionally, exclusive “Smoke & Screen” events will be held across the U.S., bringing together influential figures from both the cannabis and entertainment industries.
“The Freak Brothers” series, based on Gilbert Shelton’s cult classic comic, celebrates its 55th anniversary with a star-studded voice cast for Season 2, featuring Woody Harrelson, John Goodman, Pete Davidson, Tiffany Haddish, Adam Devine, Blake Anderson, Andrea Savage, La La Anthony, ScHoolboy Q, and a special guest appearance by Joe Sikora.
To watch Season 2 of “The Freak Brothers,” visit Tubitv.com, and for cannabis-related information, explore Weedmaps.com. For more on “The Freak Brothers,” visit the official website at www.thefreakbrothers.com.
We will update you on MAPS when more details emerge, subscribe to Microcapdaily to follow along!
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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.
Picture by NickyPe from Pixabay.com
Emerging Markets
Cannabis Industry Surges: Flora Growth Corp. (NASDAQ: FLGC) Leads the Way with 77% Intraday Jump
Published
1 month agoon
August 31, 2023
Flora Growth Corp. (NASDAQ: FLGC) experienced a remarkable intraday surge of over 77%. While the company has made significant announcements recently, today’s surge occurred without any specific filings or press releases to explain it. There seems to be something substantial driving this trading frenzy, a broader force impacting the entire asset class.
It’s worth noting that established industry leaders like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) have faced significant downtrends in past years. However, today’s market activity also lifted their stocks along with others. To understand this trend, let’s take a closer look at the larger market dynamics at play.
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What Happened:
A top official at the Department of Health and Human Services (HHS) has recommended moving cannabis from Schedule I to Schedule III of the Controlled Substances Act, marking a historic shift. This move follows a comprehensive yearlong investigation requested by President Biden.
https://twitter.com/NotFinancialRep/status/1697189406665245149?s=20
In the short term, this won’t significantly impact the cannabis industry, as the Drug Enforcement Agency (DEA) needs to conduct its own review and the federal prohibition on marijuana remains. However, the HHS recommendation, if followed by the DEA, could happen within a year, possibly before the 2024 presidential election.
Long-term implications for the cannabis industry are uncertain, but a key immediate effect would be the elimination of Section 280e of the IRS tax code for cannabis businesses. This provision currently prevents them from claiming standard business deductions, a major financial burden.
While rescheduling won’t directly open up access to institutional banking, it may attract new capital sources due to reduced risk perception among investors. Smaller banks and lenders might become more willing to engage.
U.S. health officials want to loosen marijuana restrictions. Here’s what it means! $CRLBF $CL.CN $CURLF $OGI $NEPT $TLRY $CGC $APHA $ACB $TRUL.CN $CRON $KERN $MEDIF $GRWG $TRSSF #cannabis https://t.co/8rfUoVMqCD
— AlphaBronze (@Alpha_Bronze) August 31, 2023
Eliminating 280e could also stimulate lending in an industry with high borrowing costs, as companies would have improved cash flow. This might lead to lower interest rates and greater access to operating and expansion capital.
Rescheduling could benefit publicly traded cannabis companies, potentially enticing more exchanges, like the Toronto Stock Exchange, to accept U.S.-based cannabis businesses. It could also encourage Congress to take further action, such as passing the SAFE Banking Act and broader reforms.
Overall, while the exact implications of rescheduling are uncertain, the HHS announcement signals progress toward a post-prohibition reality for the cannabis industry, which is a significant development.
https://twitter.com/S_Andreoni/status/1697289527180562880?s=20
Having set the stage with the broader cannabis industry context, let’s delve into Flora Growth’s recent developments and their implications for the company’s future. Is Flora Growth strategically positioned to leverage the potential easing of restrictions in the cannabis sector?
European Expansion:
Flora Growth just formed a partnership with TruHC Pharma GmbH, a leading medical cannabis expert based in Hamburg, Germany. TruHC holds key certifications for importing, distributing, and manufacturing medical cannabis and is awaiting an EU-GMP license for its cutting-edge cannabis laboratory.
Hendrik Knopp, a respected legal professional and entrepreneur, and his team from TruHC are joining Flora, bringing their extensive expertise in pioneering medical cannabis in Germany. This partnership is seen as very valuable, especially as Germany and the European Union move towards making medical cannabis more accessible to patients.
Clifford Starke, CEO of Flora, expressed excitement about the collaboration, recognizing the potential to contribute to the growth of the medical cannabis industry as regulations evolve. The partnership aims to capture a significant market share in Germany.
Hulk Hogan Partnership:
Flora Growth also just recently entered an exclusive worldwide partnership with WWE legend Hulk Hogan to launch a range of consumer products through Just Brands. These products will include CBD-infused items like pre-rolls, topicals, edibles, and more, which Flora will produce and sell globally. The partnership aims to capitalize on Hulk Hogan’s iconic status and Flora’s global distribution network. The initial agreement is for three years, with potential renewals, targeting $20 million in sales over the first 24 months. Flora will pay royalties and license fees for Hulk Hogan-branded products.
Conclusion:
In summary, the cannabis industry appears ready for a resurgence, buoyed by renewed investor optimism and shifting market dynamics. Our focus today was Flora Growth Corp. (NASDAQ: FLGC) but larger names like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) are among the many companies benefitting from this positive trend.
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